Mr. Greg Johnson reports

METALLIC MINERALS COMPLETES $8 MILLION BOUGHT DEAL PRIVATE PLACEMENT WITH CANACCORD

Metallic Minerals Corp. has completed its previously announced private placement financing. A total of 20 million units were sold at a price of 40 cents per unit for gross proceeds of $8-million. The offering was led by Canaccord Genuity Corp. on behalf of a syndicate of underwriters including Red Cloud Securities Inc. and Mackie Research Capital Corp.

Each unit consisted of one common share and one-half warrant. Each whole warrant is exercisable into a common share for 24 months at a price of 60 cents.

The net proceeds from the offering are planned to be used for exploration and development activities on the company's high-grade silver and gold projects and for general corporate purposes.

Greg Johnson, chief executive officer and chairman of Metallic Minerals, commented: "With the completion of this financing, we are well positioned to accelerate our ongoing exploration and drilling program at the Keno silver project in the Yukon, the largest program in company history, as well as to advance our La Plata project in Colorado. We received strong participation from new institutional investors, resulting in an upsized and oversubscribed financing, and were pleased to have Eric Sprott's continued support with expanded ownership via his second investment into Metallic Minerals."

The company paid the underwriters a cash commission of $435,000 and issued 1,087,500 broker warrants. Each broker warrant is exercisable, for a period of 24 months, into one common share on payment of 40 cents.

All securities issued pursuant to the offering are subject to a statutory hold period of four months plus a day from issuance in accordance with applicable Canadian securities laws.

The offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Securityholders in Special Transactions, as insiders of the company subscribed for an aggregate of 3,937,500 units for $1,575,000. The company relied on the exemptions in Section 5.5(b) (issuer not listed on specified markets) from the formal valuation requirements of MI 61-101 and relied on the exemption in Section 5.7(1)(a) (fair market value not more than 25 per cent of market capitalization) from the minority shareholder approval requirements of MI 61-101. The company did not file a material change report at least 21 days before the expected closing date of the offering as the aforementioned insider participation had not been confirmed at that time and the company wished to close the offering as expeditiously as possible.

William (Bill) Harris has stepped down from the board of directors and will join the company's advisory board, where he will continue to provide valuable insight and guidance on exploration and development strategies. Mr. Harris is one of the original founders of Metallic Minerals, and the company wishes to thank him for his years of service as a director and is grateful for his continuing commitment to the advancement of its promising silver and gold projects.

About Metallic Minerals Corp.

Metallic Minerals is a growth-stage exploration company, focused on high-grade silver and gold in underexplored brownfield mining districts. The company's objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, the La Plata silver-gold-copper district and the Klondike gold district through new discoveries and advancing resources to development. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a record of discovery and exploration success on several major precious metal and base metal deposits as well as having large-scale development, permitting and project financing expertise.

We seek Safe Harbor.